ADB $ 500-million loan to support SMEs in Kazakhstan
11:56, 12 May 2011
ASTANA. May 12. KAZINFORM /Kanat Kulshmanov/ Kazakh Minister of Economic Development and Trade Kairat Kelimbetov, Chief of Entrepreneurship Development Fund 'Damu' Lyazzat Ibragimova and Vice-President of the Asian Development Bank (ADB) Xiaoyu Zhao signed a framework agreement on a $500 million multitranche financing facility for the development of Kazakhstan's small and medium businesses.
It is planned that till the end of this month 'Damu' Fund will receive the first tranche of USD 150 million. This will be a medium-term loan for 5 years at a fixed rate of Tenge.
"Today we have signed an historic agreement between ADB and the Fund 'Damu'. The most important thing is that the loan to SMEs will be provided in Tenge. For a businessman it means the reduction of currency risk," Ibragimova said.
According to her, a loan agreement is planned to be signed during this month.
ADB loans will be extended to all regions of Kazakhstan. At least 40% of all loans must be located outside the cities of Almaty and Astana.